Key Highlights:
- JPMorgan Chase & Co. (JPM), the biggest bank in America, has formally filed a trademark for Crypto wallets.
- JPMorgan is concentrating on providing Crypto payment services, such as virtual checking accounts, processing of Crypto payments, and more.
- Even though CEO Jamie Dimon thinks Cryptos are a bad investment, the bank is nonetheless looking at them.
JP Morgan has formally registered a Crypto trademark, according to a document taken from a USPTO application that was granted. The company, aptly called “JP Morgan Wallet,” plans to allow Crypto payments, swaps, and transfers.
Now, the largest bank in America has entered the Crypto industry. With the recently created trademark, JP Morgan plans to provide Crypto exchange services to its customers. Moreover, the filling was authorized as of November 15.
JP Morgan is setting its foot deeper into the Crypto world.
The bank continues to invest in Crypto-related goods despite the CEO’s divisive position against Bitcoin and Cryptos in general. At the beginning of November, they accomplished their first cross-border transaction utilizing Polygon, a Layer-2 scalability solution for the Ethereum network, marking a “huge stride” for them.
The bank demonstrated its support for Crypto innovation by announcing the launch of its JPM Coin stablecoin in late October 2020. JPM Coin is the first Crypto backed by a U.S. bank and used to transmit cross-border payments. In addition, Onyx, the first Blockchain platform headed by a global bank, was introduced on the same day to create cutting-edge markets and platforms.
The “JP Morgan Wallet” trademark registration indicates that the new digital wallet would be used to handle Crypto payments, although it is silent on the accepted Cryptos.
On a positive note…
The launch of the JP Morgan Wallet and ongoing development are, at best, positive signs of the market’s continuous growth. At last, one of the American banks with the greatest overall assets is now accepting the money.
